This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
The U.S. Department of Justice filed a civil antitrust lawsuit in September 2024 alleging Visa holds an illegal monopoly over U.S. debit card transactions — controlling over 60% of the market and extracting $7 billion+ in annual fees. This is a Section 2 Sherman Act monopolization case, more serious than a merger challenge. The DOJ alleges Visa uses anticompetitive pricing to discourage merchants from routing transactions to competitors, imposes contracts restricting issuer competition, and pays potential fintech competitors (Apple, PayPal) to stay out of the debit market. In June 2025, a federal judge denied Visa's motion to dismiss, finding the DOJ's allegations plausible. The case is in active discovery as of March 2026 with trial likely in 2027-2028.
Research Sources
2 organizations
Related Exclusions
Wondering what we do invest in?
The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.